The failure of the global financial system that has abandoned the southern countries, according to the UN

The UN Secretary General criticizes the morally bankrupt global financial system which has abandoned the southern countries, depriving the African populations of the necessary investments.

Antonio Guterres, the Secretary-General of the United Nations appreciated through a video message before the 35th Assembly of Heads of State and Government of the Regional Organization which was held in Addis Ababa, “the strong collaboration between the African Union and the United Nations, which had as central pillars their common commitments around the 2030 Agenda for Sustainable Development and the 2063 Agenda”.

The vaccination rate in high-income countries is seven times higher than in Africa; the war waged against nature and the inadequacy of climate action are hitting the most vulnerable the hardest, underlined the UN Secretary General for whom “Injustice is deeply rooted in the global system and Africans are paying the heaviest price”.

António Guterres criticizes the morally bankrupt global financial system that has abandoned the southern countries, depriving the African populations of the necessary investments. He pointed out that “the unethical inequalities that suffocate Africa fuel armed conflicts, political, economic, ethnic and social tensions, human rights abuses, violence against women, terrorism, military coups and a sense of impunity.” Thus, tens of millions people are displaced on the continent and democratic institutions are in danger.